Focus Media set for $7b reverse merger in Shenzhen - update
Shenzhen-listed Jiangsu Hongda New Material will acquire Chinese outdoor advertising business Focus Media, which was taken private two years ago by a consortium of PE investors and company management, for RMB45.7 billion ($7.37 billion), paving the way for Focus Media’s backdoor listing in China.
Jiangsu Hongda, a silicone rubber manufacturer, will buy 100% of Focus Media through an asset swap, a share issue and cash. The plan was revealed last month. According to the latest filing, Jiangsu...
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